The general ledger of Pipers Plumbing at January 1, 2021, includes the following account balances: Accounts Cash Debita $ 4,250 Credita Supplies Accounts Receivable Equipment 9,250 3,250 31,000 Accumulated Depreciation $ 7,000 Accounts Payable 5,000 Utilities Payable 6,000 Deferred Revenue Common Stock Retained Earnings Totals 0 20,500 9,250 $47,750 $47,750 The following is a summary of the transactions for the year: 1. January 2. March 3. May 4. June 24 Provide plumbing services for cash, $17,500, and on account, $62,500. 13 Collect on accounts receivable, $50,500. 6 Issue shares of common stock in exchange for $12,000 cash. 30 Pay salaries for the current year, $32,500. 5. September 15 Pay utilities of $6,000 from 2020 (prior year). 6. November 24 Receive cash in advance from customers, $9,000. 7. December 30 Pay $2,500 cash dividends to stockholders. The following information is available for the adjusting entries. Depreciation for the year on the machinery is $7,000. Plumbing supplies remaining on hand at the end of the year equal $1,200. Of the $9,000 paid in advance by customers, $6,500 of the work has been completed by the end of the year. Accrued utilities at year-end amounted to $6,500. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet 1. Record each of the transactions listed above in the 'General Journal' tab (these are shown as items 1-7). Review the General Ledger and the 'Trial Balance' tabs to see the effect of the transactions on the account balances. 2. Record the adjusting entries in the 'General Journal' tab (these are shown as Items 8-11). 3. Review the adjusted Trial Balance' as of December 31, 2021. 4. Prepare an income statement for the period ended December 31, 2021, in the 'Income Statement' tab. 5. Prepare a classified balance sheet as of December 31, 2021 in the 'Balance Sheet' tab. 6. Record the closing entries in the 'General Joumal' tab (these are shown as Items 12-14). Requir General Journal >